Milhaus Plans Multifamily Development Near Hallmark Cards HQ
- Nov 20, 2015
Kansas City, Mo.—Indianapolis-based real estate developer Milhaus has signed a letter of intent to buy about five acres from Hallmark Cards Inc. in Kansas City, Mo., to pursue a multifamily development on the site. The land is adjacent to Hallmark’s corporate headquarters and lies on either side of McGee between 27th Street on the north, 27th Terrace on the south, and Gillham on the east.
The site currently serves primarily as surface parking areas for Hallmark Cards. Going forward, Milhaus will be working on the project with UC-B Properties, a local developer experienced in building in Kansas City’s urban core neighborhoods.
Milhaus and UC-B intend to build and manage 425 residential units, as well as some commercial space on the land. According to preliminary plans most, but not all, of the residential units would be rental: 350 rental units in a five-story apartment building, along with the remainder as condos and townhouses, and a 400-car garage.
The plans are contingent on the developer receiving necessary zoning and other approvals from the Kansas City City Council, including a property tax abatement. Once approved, construction might begin by mid-year 2016.
Under the terms of the deal, Milhaus would have an option to purchase an additional 3.7 acres of land immediately south of the five acres, which would also be within the Crown Center district. Crown Center is Hallmark’s mixed-use zone that includes offices, residences, retail, entertainment and hotels adjacent to the company’s headquarters.